American-based multinationals pressured to move out of China by this Administration are largely not going to manufacture out of the United States because of elevated inputs here, like higher labor costs and such. They will move to Vietnam or Bangladesh. Eventually, China is going to use its geopolitical heft in those countries to make things more expensive and ‘uncertain’ there. That is their greatest leverage, beyond devaluation or selling Treasuries.

Following American companies, Chinese suppliers moved to Vietnam already. Truth is, in China, laborers are smart and cheap, no in Vietnam or Bangladesh, and you don’t have to “make” these more expensive in Vietnam, they ARE expensive. Infrastructure also a problem, just like electricity. Let’s see how you can lower your costs and face with a more corrupted gov.